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105 Fed. Res. Bull. 1 (2019)

handle is hein.journals/fedred105 and id is 1 raw text is: Legal Developments: Fourth Quarter, 2018 Orders Issued Under Bank Holding Company Act Orders Issued Under Section 3 of the Bank Holding Company Act Old National Bancorp Evansville, Indiana Order Approving the Merger of Bank Holding Companies FRB Order No. 2018-22 (October 16, 2018) Old National Bancorp, Evansville, Indiana (Old National), a bank holding company within the meaning of the Bank Holding Company Act of 1956 (BHC Act)1 has requested the Board's approval under section 3 of the BHC Act2 to acquire and merge with Klein Financial, Inc. (Klein), and thereby indirectly acquire KleinBank, both of Chaska, Minnesota. Following the proposed acquisition, KleinBank would be merged into Old National's subsidiary bank, Old National Bank, Evansville, Indiana.3 Notice of the proposal, affording interested persons an opportunity to submit comments, has been published (83 Federal Register 36935 (July 31, 2018)).4 The time for submitting comments has expired, and the Board has considered the proposal and all comments received in light of the factors set forth in section 3 of the BHC Act. Old National, with consolidated assets of approximately $17.5 billion, is the 96th largest insured depository organization in the United States.5 Old National controls approximately $12.6 billion in consolidated deposits, which represent less than 1 percent of the total amount of deposits of insured depository institutions in the United States. Old National controls Old National Bank, which operates branches in Indiana, Minnesota, Illinois, Kentucky, Michigan, and Wisconsin. Old National is the 6th largest insured depository organization in Minnesota, controlling deposits of approximately $1.7 billion, which repre- sent 0.7 percent of the total deposits of insured depository institutions in that state.6 Klein, with consolidated assets of approximately $2.0 billion, is the 414th largest insured depository organization in the United States. Klein controls approximately $1.7 billion in deposits, which represent less than 1 percent of the total amount of deposits of insured 12 U.S.C. § 1841 et seq. 2 12 U.S.C. § 1842. The merger of KleinBank into Old National Bank is subject to approval by the Office of the Comptroller of the Currency (OCC), pursuant to section 18(c) of the Federal Deposit Insurance Act (Bank Merger Act). 12 U.S.C. § 1828(c). The OCC approved the bank merger on October 12, 2018. 4 12 CFR 262.3(b). National asset data are as of June 30, 2018. National deposit, ranking, and market-share data are as of June 30, 2018, unless otherwise noted. 6 State deposit data are as of June 30, 2017.

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